The stock of NovaGold Resources Inc. (NYSE:NG) is now priced at $10.58 and the shares are -0.01 points down or -0.09% lower compared to its previous closing price of $10.59. The stock had 2.889 million contracts set over the past session. NG shares’ daily volume is compared to its average trading volume at 2.67 million shares. However, it has a float of 240 million and although its performance was 13.89% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the NG share price recently placing at $10.14 to $10.8. However, some brokerage firms have priced the stock below the average, including one that has called $30.
The shorts are running away from the NovaGold Resources Inc. stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the NG shares have declined. Short interest in the stock represents just 3.47% of its float, but the volume has dropped by 0.
In the last trading session, NovaGold Resources Inc. (NYSE:NG) raised by $1.29 over the week and gained $1.02 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $12.85. The stock recorded its established 52-week high on 04/23/20.
Since 03/16/20, the stock has traded to a low of $4.65 at 127.53%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 0.67. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, NovaGold Resources Inc.’s two-week RSI is 66.04. This suggests that the stock is neutral at the moment and that NG shares’ price movement remains stable. The stochastic readings are equally revealing at 92.68% meaning the NG share price is currently in oversold territory.
The technical chart shows that the NG stock will likely settle at between $10.87 and $11.17 per share. However, if the stock dips below $10.21, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $9.85.
Currently, the stock is trading in the green of MACD, with a reading of 0.62. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Maxim Group assigned NG a rating of Buy in their intiating review released on December 19. JP Morgan analysts upgraded their recommendation of the stock from Neutral to Overweight in a flash note released to investors on September 27. RBC Capital Mkts analysts see the stock as Sector Perform. Nonetheless, the analysts revised the share prices down on October 17, placing it at $11 from $16.
The average rating for the NG equity is 3 and is currently gathering a bullish momentum. Of 2 analysts tracking NovaGold Resources Inc. polled by Reuters, 0 rated NG as a hold. The remaining 2 analysts were split evenly. However, the split wasn’t equal as a majority (1) rated it as a buy or strong buy. 1 analyst advised investors against buying the stock or to sell if they own any of the stock.
The stocks P/S ratio currently stands below the group’s average of 23.7. NovaGold Resources Inc. has its P/E ratio at 28, which means that the stock is currently trading at a premium relative to the 2.7 industry average.